Etymology
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competition (n.)

c. 1600, "action of seeking or endeavoring to gain what another is endeavoring to gain at the same time," from Late Latin competitionem (nominative competitio) "rivalry," in classical Latin "agreement," noun of action from past participle stem of competere (see compete).

Meaning "a contest for something, a trial of skill as a test of superiority or fitness" is from 1610s. Sense of "rivalry in the marketplace" attested from 1793; that of "entity or entities with which one competes" is from 1961, especially in business.

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Definitions of competition

competition (n.)
a business relation in which two parties compete to gain customers;
business competition can be fiendish at times
competition (n.)
an occasion on which a winner is selected from among two or more contestants;
Synonyms: contest
competition (n.)
the act of competing as for profit or a prize;
Synonyms: contention / rivalry
competition (n.)
the contestant you hope to defeat;
he wanted to know what the competition was doing
From wordnet.princeton.edu